Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once funds are available, you can withdraw the funds in cash and we will use the funds to pay checks or electronic debits that you have written or authorized. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit before 3:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cutoff hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Reservation of Right to Hold
In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of your deposit will be available on the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Holds on Other Funds
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already on deposit in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described below for the type of check that you deposited.
Longer Delays May Apply
We may delay your ability to withdraw funds deposited by check into your account an additional number of days because:
a. We believe a check you deposit will not be paid
b. You deposit checks totaling more than $5,525.00 on any one day
c. You deposit a check that has been returned unpaid
d. You have overdrawn your account repeatedly in the last six (6) months
e. There is an emergency, such as failure of communications or computer equipment
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.
Special Rules for New Accounts
If you are a new member, special rules apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller, traveler and federal, state, and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525.00 will be available on the fifth business day after the day of your deposit. If your deposit of these checks, other than a U.S. Treasury check, is not made in person to one of our employees, the first $5,525.00 will not be available until the seventh business day after the day of your deposit. Funds from all other check deposits will be available on the fifth business day after the day of your deposit.
Deposits at Nonproprietary ATMs
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.
Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial instutitions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the amount of time it takes us to collect the funds from the financial institutions upon which it is drawn.
|Type of Deposit||When Funds Become Available for Withdrawal|
|Direct Deposit/Payroll Deduction||The day the deposit is received|
|Cash, to include wire transfers, cashier’s check, certified check, teller check, Traveler’s check, or government check (Federal, state or local); and the first $225.00 of a day’s deposits of other type checks||The day of deposit|
|Local Checks||The second business day after the day of deposit|
|Non-Local Checks||The second business day after the day of deposit|